An oligopoly with two firms is known as:
A. a duopoly.
B. a two-opoly.
C. a double market.
D. duopolistic competition.
A. a duopoly.
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Which of the following will increase the natural unemployment rate?
i. a minimum wage set above the equilibrium wage rate ii. efficiency wages iii. union-negotiated wages A) i only B) i, ii and iii C) i and ii D) ii and iii only E) i and iii only
An appropriate fiscal policy response when aggregate demand is growing at a faster rate than aggregate supply is to decrease the money supply
Indicate whether the statement is true or false
If the price level should increase in the near term due to decreases in the short-run aggregate supply, the result would be
A) demand-pull inflation. B) demand-pull recession. C) cost-push inflation. D) cost-pull expansion.
To avoid double counting when GDP is estimated, economists:
(a) Calculate using GDP deflator; (b) Calculate using retail prices; (c) Calculate the value added of production; (d) Calculate using the prices of intermediate goods only.